Pasar modal syariah sukuk
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Pasar Modal syariah : Sukuk. Manajemen Investasi Islami. PSTTI -UNIVERSITAS INDONESIA. Obligasi (Bonds). Bersifat Surat Hutang atau I Owe You (IOU) Pembayaran atas kupon bunga secara periodik Pembayaran Pokok saat Jatuh Tempo. Sukuk.

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Pasar Modal syariah : Sukuk

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Pasar modal syariah sukuk

Pasar Modal syariah : Sukuk

ManajemenInvestasiIslami

PSTTI -UNIVERSITAS INDONESIA


Obligasi bonds

Obligasi (Bonds)

  • Bersifat Surat Hutang atau I Owe You (IOU)

  • Pembayaran atas kupon bunga secara periodik

  • Pembayaran Pokok saat Jatuh Tempo


Sukuk

Sukuk

Sukuk berasal dari bahasa arab, yaitu dari kata صك dengan bentuk jamaknya (plural) adalah صكوك , yang berarti ‘certificate’.

Dalam Sharia Standar yang dikeluarkan oleh AAOIFI, sukuk diartikan sebagai Investment Sukuk(صكوك الإستثمار), yang berarti sertifikat yang merepresentasi kepemilikan atas aset.


Obligasi syariah sukuk kenapa

ObligasiSyariah/Sukuk Kenapa?

Perbedaan:

  • Sukuk bukan merupakan Surat Hutang, tapi Sertifikat Investasi (Investment Certificate).

  • Menghindari riba  Hadist Nabi: “Setiap pinjaman yang memberikan kelebihan adalah riba”. كل قرض جر منفعة فهو ربا

  • Sukuk dijamin oleh ‘dirinya sendiri’ karena setiap transaksi syariah harus ada underlying asset-nya.

  • Income stream yang dihasilkan oleh sukuk berasal dari underlyingnya.

  • Fleksible dalam pemasaran: Sukuk dapat dibeli oleh LK Konvensional namun tidak sebaliknya.


Obligasi syariah sukuk

ObligasiSyariah (Sukuk)

Definisi Obligasi Syariah menurut Dewan Syariah Nasional (DSN MUI) Fatwa No. 32/DSN-MUI/IX/2002:

“Surat berharga jangka panjang berdasarkan prinsip syariah yang dikeluarkan oleh Emiten kepada pemegang obligasi syariah yang mewajibkan Emiten untuk membayar pendapatan kepada pemegang obligasi syariah berupa bagihasil/margin/fee serta membayar kembali dana obligasi pada saat jatuh tempo.”


Obligasi syariah sukuk1

ObligasiSyariah (Sukuk)

Jenis akad yang digunakan untuk Obligasi Syariah (Fatwa No. 32)

adalah:

  • Mudharabah (fatwa No. 33) -> bagi hasil

  • Musyarakah -> bagi hasil

  • Murabahah -> margin

  • Salam -> margin

  • Istishna -> margin

  • Ijarah (fatwa No. 41) -> fee (imbal hasil)


Perbedaan sukuk obligasi konvensional dan saham 1

PerbedaanSukuk, ObligasiKonvensionaldanSaham (1)


Pasar modal syariah sukuk

Perbedaan Sukuk, Obligasi Konvensional dan Saham (2)


Definisi sukuk aaoifi

DefinisiSukuk (AAOIFI)

AAOIFI (Accounting and Auditing Organization for Islamic Financial Institution):

Investment Sukuk: Sertificates of equal value representing undivided shares in ownership of tangible assets, usufructs and services or (in the ownership of) the assets of particular projects or special investment activity, however, this is true after received of the value of the sukuk, the closing of subscription and the employment of fund received for the purpose for which the sukuk were issued.

(Sharia Standard No. 17)


Akad investasi sukuk aaoifi

AkadInvestasiSukuk (AAOIFI)


Jenis jenis sukuk

Jenis-JenisSukuk

3/1 Certificates of ownership in leased assets

These are certificates of equal value issued by the owner of a leased asset or a tangible asset to be leased by promise, or they are issued by a financial intermediary acting on behalf of the owner with the aim of selling the asset and recovering its value through subscription so that the holders of the certificate become owners of the assets .


Jenis jenis sukuk1

Jenis-JenisSukuk

3/2 Certificates of ownership of usufructs

There are four types:

3/2/1 Certificates of ownership of usufructs of existing assets

3/2/2 Certificates of ownership of usufructs of described future assets

3/2/3Sertificates of ownership of services of a specified party

3/2/4Certificates of ownership of described future services


Jenis jenis sukuk2

Jenis-JenisSukuk

3/2/1 Certificates of ownership of usufructs of existing assets, they are two types:

3/2/1/1Certificates of equal value issued by the owner of an existing asset either on his own or through a financial intermediary, with the aim of leasing the asset and receiving the rental from the revenue of subscription so that the usufruct of the assets passes into the ownership of the holders of the certificates.

3/2/1/2Certificates of equal value issued by the owner of the usufruct of an existing asset (lessee), either on his own or through a financial intermediary, with the aim of sub-leasing the usufruct and receiving the rental from the revenue of subscription so that the holders of the certificates become owners of the usufruct of the asset.


Jenis jenis sukuk3

Jenis-JenisSukuk

3/2/2 Certificates of ownership of usufructs of described future assets

These are certificates of equal value issued for the purpose of leasing out tangible future assets and for collecting the rental from the subscription revenue so that the usufruct of the described future asset passes into the ownership of the holders of the certificates


Jenis jenis sukuk4

Jenis-JenisSukuk

3/2/3Certificates of ownership of services of a specified party

These are certificates of equal value issued for the purpose of providing services through a specified provider (such as educational benefits in a nominated university) and obtaining the service charges in the form of subscription income so that the holders of the certificates become owners of these services.


Jenis jenis sukuk5

Jenis-JenisSukuk

3/2/3Certificates of ownership of described future services

These are certificates of equal value issued for the purpose of providing services through a described provider (such as educational benefits from a university without naming the educational institution) and obtaining the fee in the form of subscription income so that the holders of the certificates become owners of these services.


Jenis jenis sukuk6

Jenis-JenisSukuk

3/3Salam Certificates

These are certificates of equal value issued for the purpose of mobilizing salam capital so that the goods to be delivered on the basis of salam come to be owned by the certificate holders.

3/4Istishna` Certificates

These are certificates of equal value issued with the aim of mobilizing fund to be employed for the production of goods so that the goods produced come to be owned by the certificate holders.


Jenis jenis sukuk7

Jenis-JenisSukuk

3/5Murabaha Certificates

These are certificates of equal value issued for the purpose of financing the purchase of goods through murabaha so that the certificate holders become the owners of the murabaha commodity.

3/6Musharakah Certificates

These are certificates of equal value issued with the aim of using the mobilized for establishing a new project, developing an existing project or financing a business activity on the basis of any partnership contract so that the certificate holders become – (cont..)


Jenis jenis sukuk8

Jenis-JenisSukuk

the owners of the project or the assets of the activity as per their respective shares, with the musharaka certificates being managed on the basis of participation or Mudaraba or an investment agency.

3/6/1 Participation certificates

These are certificates representing projects or activities managedon the basis of Musharaka by appointing one the partners or another person to manage the operation.


Jenis jenis sukuk9

Jenis-JenisSukuk

3/6/2Mudaraba Sukuk

These are certificates that represent projects or activities managed on the basis of Mudaraba by appointing one of the partners or another person as the mudarib for the management of the operation.

3/6/3Investment Agency Sukuk

These are certificates that represent projects or activities managed on the basis of an investment agency by appointing an agent to manage the operation on behalf of the certificate holders.


Jenis jenis sukuk10

Jenis-JenisSukuk

3/7Muzara’a (sharecropping) certificate

These are certificates of equal value issued for the purpose of using the mobilized through subscription for financing a project on the basis of Muzara’a so that the certificate holders become entitled to a share in crop according to the terms of the agreement.


Jenis jenis sukuk11

Jenis-JenisSukuk

3/7Muzara’a (sharecropping) certificate

These are certificates of equal value issued for the purpose of using the mobilized through subscription for financing a project on the basis of Muzara’a so that the certificate holders become entitled to a share in crop according to the terms of the agreement.


Jenis jenis sukuk12

Jenis-JenisSukuk

3/8Musaqa (irrigation) certificate

These are certificates of equal value issued for the purpose of employing the fund mobilized through subscription for the irrigation of fruit bearing trees, spending on them and caring for them on the basis of Musaqa contract so that the certificate holders become entitled to a share in crop as per agreement.


Jenis jenis sukuk13

Jenis-JenisSukuk

3/8Mugharasa (agricultural) certificate

These are certificates of equal value issued on the basis of Mugharasa contract for the purpose of employing the funds for planting trees and undertaking the work and expenses required by such plantation so that the certificate holders become entitled to a share in the land and the plantation.


Pasar modal syariah sukuk

Obligasi Syariah Mudharabah Indosat 2002

Pemodal

Issuer

Rp

ekspertise

Shahibul Maal

Mudharib

Kegiatan

Usaha

Nisbah

Nisbah

Rp

Rp

Pendapatan Yang dibagi Hasilkan

Rp

Modal

Pengembalian Dana


Pasar modal syariah sukuk

Obligasi Syariah Mudharabah Indosat 2002

Jumlah Emisi: Rp 175 miliar

Penggunaan Dana:Modal Kerja

Pendapatan yang dibagihasilkan:

1. Pendapatan Satelit

2. Pendapatan Internet (IM2)

Dasar Bagi Hasil:Revenue Sharing

Sumber: Prospektus


Pasar modal syariah sukuk

Obligasi Syariah Mudharabah BLTA

Sumber: AAA Securities


Pasar modal syariah sukuk

Obligasi Syariah Mudharabah BLTA

Sumber: AAA Securities


Pasar modal syariah sukuk

Skedul Pembayaran Obligasi Syariah Mudharabah BLTA

Sumber: AAA Securities


Pasar modal syariah sukuk

Skema Obligasi Syariah Mudharabah Indosat 2002 (Fatwa DSN No. 33)

Pemodal

Indosat

Rp

ekspertise

Shahibul Maal

Mudharib

Kegiatan

Usaha

Nisbah

Nisbah

Rp

Rp

Pendapatan Yang dibagi Hasilkan

Rp

Modal

Pengembalian Dana


Pasar modal syariah sukuk

Skema Obligasi Syariah Ijarah (manfaat dijual kepada end-users)Fatwa DSN No. 41

2

Akad Wakalah dan Kafalah

Akad Ijarah Rp

1

Pemodal

Issuer

OSI

Menjual manfaat

Atas nama

Pemodal

Obyek Ijarah

Hak atas

manfaat

3

4

End-User

Imbalan Ijarah (Ijarah Fee)

melalui Issuer


Pasar modal syariah sukuk

Skema Obligasi Syariah Ijarah (Manfaat digunakan sendiri oleh Issuer)Fatwa DSN No. 41


Sovereign sukuk bahrain

Sovereign Sukuk (Bahrain)

BMA (for the Kingdom of Bahrain)

7. At maturity BMA

will purchase the

assets

For $100M

3. Ijara wa iqtina lease for 5 years

5. 10 semi-annual

lease rentals (variable rate)

6. Periodic distribution

and capital amount

SPV

sukuk

proceed

4. SPV issued

Sukuk with par

of $100 M

2. Payment of

$100 M

  • Sold certain Government

  • Warehouse

Islamic Financier

SPV is owned by a subsidiary

Of Liquidity Management Centre, Bahrain

BMA (for the Kingdom of Bahrain)

Secondary Market


Pasar modal syariah sukuk

Sovereign Sukuk (QATAR)

Qatar

4. Lease rentals &

Exercise price on

Dissolution event

2. Leases land parcels &

gift at maturity

5. Periodic & dissolution

distributio amount

1.Sells land parcels

For $70M

SPV

sukuk

Qatar

proceed

$70 M

3. SPV issued

Sukuk with par

of $70 M

Islamic Financier

SPV: Qatar Global Sukuk QSC

Land Parcel: Land in Doha Designated for the development of Hamad Medical City

Secondary Market


Pasar modal syariah sukuk

Proses Penerbitan Sukuk


Pasar modal syariah sukuk

Proses Penerbitan Sukuk (2)


Pasar modal syariah sukuk

Proses Penerbitan Sukuk (3)


Pasar modal syariah sukuk

Studi Kasus

STUDI KASUS I:

Dalamsituasiapapunnampaknyapetanikitamerupakanpuhak yang selalukurangberuntung. Ketikapanentibahargaberasjatuhkarenabanjirnyasuplai. Sedangkanpadasaatmulaiproduksipetanijugadibikinpusingdengankenaikanhargabibit, pestisidadanpupuk. Bagaimanakanakadsyariah yang tepatuntukmengatasimasalahini, terutamaberkaitandenganupaya yang menjaditugasBulog. Skemasukukapa yang possible!

STUDI KASUS II:

Sebuahperusahaan yang bergerakdalampengangkutan crude oil, memerlukandanauntukpenambahanarmadanyasebesarRp 100 miliar, danbermaksudmengeluarkanobligasisyariah. Perusahaan memilikikontrakjangkawaktu 8 tahundenganPertaminadengannilai US$200.000 per tahun.

Gambarkanstruktur yang tepatdenganakad-akadsyariahnya.

Buatskedulpembayaran yang dilakukanolehperusahaankepadapemeganganobligasisyaraih. (asumsi expected return 13%)

STUDI KASUS III:

SebuahnegaramemerlukandanauntukmembangunsaranalapangantembakbagiDepartemanPertahanan. Dana yang dibutuhkanuntukpembangunanlapangantembaksebesarRp 300 miliardantidaktersediadalam APBN, sehinggapemerintahharusmengeluarkanSukuk Negara. Skemasukukapa yang dapatcocokuntukhalini.


Pasar modal syariah sukuk

TERIMA KASIH

والسلام عليكم ورحمة الله و بركا ته


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